BAI sought independent regulatory body
No Comments Sub Category:Awareness,Community,Other cities Posted On: Jul 27, 2012
The Builders’ Association of India (BAI) has suggested setting up an independent regulator for the cement industry following recent developments.D L Desai of BAI trustee said that the regulator should have quasi-judicial authority.
He said that Competition Commission of India’s penalty of Rs 6,300 crore on 11 cement companies last month for violating provisions of the Competition Act was a good judgment.
He suggested CCI to follow the trend set by its sister bodies like tribunals of income tax, sales tax and Excise Departments to deposit 50 per cent of fine before accepting their petition.
According to Desai, the development in this case would be path breaking in fighting cartelisation in vital commodity sectors,
CCI’s penalty on them was only 0.5 times their profits in 2009-10 and 2010-11.
CCI’s penalty on them was only 0.5 times their profits in 2009-10 and 2010-11.
